UNITED STATES
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FORM
CURRENT REPORT
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Item 8.01. Other Events.
As previously reported, on December 15, 2023, the Company received notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on The Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’ Equity Requirement”). Pursuant to the Notice, Nasdaq gave the Company 45 calendar days, or until January 29, 2024, to submit to Nasdaq a plan to regain compliance.
Following the filing by the Company of a Current Report on Form 8-K on January 29, 2024 (the “Prior Report”) disclosing the sale of New Jersey state net operating losses and the statement by the Company therein that as of the filing date of the Prior Report that the Company believed that it had stockholders’ equity above the $2.5 million Stockholders’ Equity Requirement, on February 1, 2024, the Company received a letter from Nasdaq that the Company had regained compliance with the Stockholders’ Equity Requirement. The letter also stated that if the Company fails to evidence compliance upon filing its periodic report for the period ended March 31, 2024, it may be subject to delisting. At that time, the Nasdaq staff will provide written notification to the Company, which may then appeal staff’s determination to a hearings panel.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Exhibit | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Sonnet BioTherapeutics Holdings, Inc. | ||
| a Delaware corporation | ||
| (Registrant) | ||
| Date: February 1, 2024 | By: | /s/ Pankaj Mohan, Ph.D. |
| Name: | Pankaj Mohan, Ph.D. | |
| Title: | Chief Executive Officer | |